MT GOX CEO CONFESSES: THE BITCOINS ARE GONEhttp://www.businessinsider.com/mtgox-bankruptcy-japanese-news-video-2014-2/comments
en-usWed, 31 Dec 1969 19:00:00 -0500Sun, 02 Aug 2015 17:15:09 -0400Rob Wilehttp://www.businessinsider.com/c/53125e39eab8ea6107f07869FudgeBoySat, 01 Mar 2014 17:24:57 -0500http://www.businessinsider.com/c/53125e39eab8ea6107f07869
Karpales will be a juicy one in the slammer. His date card is already filling up...http://www.businessinsider.com/c/53122f806da811f80ae13ca4MonkeeRenchSat, 01 Mar 2014 14:05:36 -0500http://www.businessinsider.com/c/53122f806da811f80ae13ca4
Hmm, so a traditional exchange model (which takes a cut for 'overhead', etc.) must fail? What feasible model of P-P is so transparent (yet mediates mass negotiation for price) that it becomes inviolate and invisible?http://www.businessinsider.com/c/53122d5769bedd8474f0786agazSat, 01 Mar 2014 13:56:23 -0500http://www.businessinsider.com/c/53122d5769bedd8474f0786a
Should have went with litecoins, same returns with less speculation! The only place I use my coins is <a href="http://freelitecoin.com" target="_blank" rel="nofollow" >http://freelitecoin.com</a>http://www.businessinsider.com/c/5312060a6bb3f7bc378cf12dkennymacSat, 01 Mar 2014 11:08:42 -0500http://www.businessinsider.com/c/5312060a6bb3f7bc378cf12d
Don"t worry, the President has a plan to help. Based on his economic expertise with Chicago and Illinois pensions, he has come up with the MyIRA to solve all your problems. You're welcome!http://www.businessinsider.com/c/5311c88ceab8ea7e59f07864DevonSat, 01 Mar 2014 06:46:20 -0500http://www.businessinsider.com/c/5311c88ceab8ea7e59f07864
This is why I buy my bitcoins like this :) (credit card, paypal, skrill, and many other forms of payment are accepted)
<a href="http://bitstarsite.wordpress.com/2013/11/15/buy-bitcoins-with-paypal-and-credit-card-virtually-any-online-payment/" target="_blank" rel="nofollow" >http://bitstarsite.wordpress.com/2013/11/15/buy-bitcoins-with-paypal-and-credit-card-virtually-any-online-payment/</a>http://www.businessinsider.com/c/53111537eab8ea97579e8fbbMessy OneFri, 28 Feb 2014 18:01:11 -0500http://www.businessinsider.com/c/53111537eab8ea97579e8fbb
The MtGox CEO's representation for this account was very weak. Whether it was intentional or not, this announcement severely harms the Bitcoin industry's reputation. Karpele's performance is not helping make MtGox's potential case either.http://www.businessinsider.com/c/5311136d6bb3f7100b9e8fbaMagicianFri, 28 Feb 2014 17:53:33 -0500http://www.businessinsider.com/c/5311136d6bb3f7100b9e8fba
"And for my next act.. I shall print money out of thin air and then hold you - and your children - indebted to them!" Central Bankshttp://www.businessinsider.com/c/531112446da811e0769e8fb5RopeFri, 28 Feb 2014 17:48:36 -0500http://www.businessinsider.com/c/531112446da811e0769e8fb5
"Fake" versus the rigged financial trading markets that we know traditionally as "exchanges"? Yeah, when you break it down like that, both make great sense. (for some)http://www.businessinsider.com/c/53110d066bb3f7b7059e8fadMore or less.Fri, 28 Feb 2014 17:26:14 -0500http://www.businessinsider.com/c/53110d066bb3f7b7059e8fad
Just want to slightly disagree with your post.
Three things I take issue with:
1) You might not agree with the means, but you can rationalize almost everything the federal government does down to one of the three ends you claim government should have control over.
2) Government should have control over everything all of its represented people agree to cede control of to it. For example, if we as a country decide, voluntarily, that we want the government to be in charge of determining what we eat for dinner on Wednesday, then it should be possible to make that happen. Don't like how the majority of this country feels about the government's control of any particular issue? You're more than welcome to move to a country that does share your perception of what government should be.
3) You use "refuse to work" as though every person receiving welfare has the option to work and makes the conscious and voluntary decision not to do so.
I'm sure there are some people who fit that description. And I am 100% in favor of enacting whatever barriers we can to ensure that those people do not have the ability to take advantage of welfare programs. But not at the expense of a person who genuinely needs welfare despite true absolute best efforts, which do make up the vast, vast majority of those programs. The simple fact of the matter is, you cannot design a system that lets in every single person who deserves it and blocks every single person who doesn't. And personally, I'd rather err on the side that lets a handful of people who don't deserve it in (while keeping that number as small as possible, of course).
It's similar to the basis of "beyond a reasonable doubt" in criminal law. As someone famous once said, it is better to let 10 guilty men go free than put a single innocent man in jail. I'd rather help out 10 people who don't necessarily 100% need it, than take help away from one person who does. And there are plenty of them.http://www.businessinsider.com/c/53110a8869bedd41179e8fb0UhhhhhhhFri, 28 Feb 2014 17:15:36 -0500http://www.businessinsider.com/c/53110a8869bedd41179e8fb0
Look, I'm just going to say what a bunch of us are thinking but nobody else is willing to tell you.
You're completely and totally misunderstanding @rickf82's comment.
His comment is 100% about the online exchange Mt. Gox. Perhaps it would help if you looked up the history of Mt. Gox, before it became a Bitcoin exchange.
Then, you can come back here and apologize to him for calling him a Willful Luddite when it turns out he's more knowledgeable about today's issues, and the specific one he's commenting on, than you.http://www.businessinsider.com/c/531109d669bedd2a0a9e8fb4You may be right...Fri, 28 Feb 2014 17:12:38 -0500http://www.businessinsider.com/c/531109d669bedd2a0a9e8fb4
You could be right that Bitcoin, or something very similar, could be incredibly important in 10 or 50 years. I personally don't think it will, but obviously for both of us it's just a guess.
Regardless, even if you are right, it won't be for the reason you think. Bitcoin won't become popular because paper money had an adjustment phase. Paper money, which isn't really made of paper, is simply a different medium on which to transfer the same currency previously backed by metal, and likewise, electronic transfers today are again just a different medium for the same currency.
Bitcoin is a completely different currency altogether.
And if there's one thing this week has proven in Bitcoin, it's that regulation in moderation is a good thing.http://www.businessinsider.com/c/531109386bb3f712699e8fb9Roger C.Fri, 28 Feb 2014 17:10:00 -0500http://www.businessinsider.com/c/531109386bb3f712699e8fb9
What an idiot. So many people are going to come after him. Wow.http://www.businessinsider.com/c/531105d0ecad0431619e8fafMike Fri, 28 Feb 2014 16:55:28 -0500http://www.businessinsider.com/c/531105d0ecad0431619e8faf
Correction, that should read "in my previous post". There is a disconnect between the fingers and the brain.http://www.businessinsider.com/c/531103f8eab8ea1a029e8fbaMike Fri, 28 Feb 2014 16:47:36 -0500http://www.businessinsider.com/c/531103f8eab8ea1a029e8fba
Nunyabiz, I guess tangible and trust are subjective to some. A loaf of bread may be a tangible "currency" to some who would trade with it, assuming they see value in it. But it may not be universally held as such by others. Right now, I can take a $1 and buy something at any store right now. Tell the cashier at the same place I wish to use a bitcoin, and I would get a blank stare or chuckle. While trust of any institution is dubious, I think you would agree, those with a higher degree of trust will always win out; none are 100% trustworthy.
As I see it, at the end of the day, currencies backed by tangible items (gold, silver) or a long history (U.S.) add to the perception of trust if you will. Banks only hold that $1. Compounded interest aside, I use it for exchange with other people or businesses. If bitcoin's become the "global" currency that they are seeking, then it will mean they have met the requirements in my first post. If not, then it becomes a fad. Interesting exchange. Thank you.http://www.businessinsider.com/c/5310ffe469beddb9699e8fb5Scott WilsonFri, 28 Feb 2014 16:30:12 -0500http://www.businessinsider.com/c/5310ffe469beddb9699e8fb5
On the bright side, all this minor MtGox problem accomplished was making a whole lot us a TON of money. The experts knew it couldn't and wouldn't kill bitcoin. Would a bank up the street closing make you think USD was dying? Of course not. So a lot of us bought in low, and now bitcoin is rising like crazy like we knew it would. From 300 to 600 in days. All the bitcoin supporters were right, and it feels good. Thanks for the pile of money MtGox! If we could have more of these minor issues once a month, I'll be able to retire in a year. Please keep dramatically blowing things like this out of proportion mainstream media.http://www.businessinsider.com/c/5310ff03eab8ea2a729e8fafCarlo PiresFri, 28 Feb 2014 16:26:27 -0500http://www.businessinsider.com/c/5310ff03eab8ea2a729e8faf
The lesson is: never let your wallet with people you don't trust.http://www.businessinsider.com/c/5310e7bd69bedd930dae2730SparagiFri, 28 Feb 2014 14:47:09 -0500http://www.businessinsider.com/c/5310e7bd69bedd930dae2730
Love this guy. He speaks Japanese and looks like he got out of the shower like 5 minutes ago.http://www.businessinsider.com/c/5310e24beab8ea62015385b4dbcooper235Fri, 28 Feb 2014 14:23:55 -0500http://www.businessinsider.com/c/5310e24beab8ea62015385b4
I love all the conventional thinkers here who claim this is an indictment of an unregulated free market. Your regulated markets and government authority directly led to major financial crises, including the last one, trilions of dollars of misspending and debt, blatant corruption (such as legal insider trading) in Congress, and yet here you are, indicting a new technology that will have some issues and that all of us using it know is risky.http://www.businessinsider.com/c/5310dcc46da811f1186e5f28nunyabizFri, 28 Feb 2014 14:00:20 -0500http://www.businessinsider.com/c/5310dcc46da811f1186e5f28
lol Before a grammar nazi tries to flame me ...
where = were ;) my fingers sometimes do not report to the brain.http://www.businessinsider.com/c/5310da15eab8ea41665385b0nunyabizFri, 28 Feb 2014 13:48:53 -0500http://www.businessinsider.com/c/5310da15eab8ea41665385b0
Mike,
I currently Hold and have used bitcoin/litecoin,US D,Gold,Silver, Stock,Property as stores of value. All I see is a store of value that have different risk and purpose. All very real to me as I have been able to trade them all for other things I value.
By the way that is the definition I use for "real" currency. Something that I can use to trade for something of Value. Basically a store of value. That value almost entirely came from me trading my time/skills at some point.
In your comment I do not see a definition of "real currency" that can be used by all people and end up with the same list of what is "real. Seems like a "personal" answer. I was hoping you could come up with something a bit more tangible.
I will try to relate something. Again thanks for the discussion without flaming.
"I can physically hold a U.S. dollar and it can be used anywhere"
with Bitcoin you can hold it .. for instance I can print out the key and I am holding it. The US $ basically has a serial number that identifies it. the US$ in many cases for most transactions can not be held either.
Can you explain how it is moved around electronically ... they do not send bags of money for all transactions between banks anymore.
"Real money to me is one that is backed by either a tangible precious commodity," I would agree there .. that is a good way to define it .. but there are many currencies that are not that are considered "real".
"or by a national government who's lengthy history deems it secure enough to be widely accepted by world banking organizations"
So here is the part that starts to blur. It all cones down to "trust". You trust the government and the banking organizations. but here is a different question what are you trusting in them? you have a $1 and what will either the government or the banks give you in exchange when you say you want get rid of it?
NOTHING. it has no value in itself. It only has value because others will take it as an exchange for some other form of value that you give them.
Now to Bitcoin. There are many that will take it as an exchange for something of value. For the individual when they decide to use them or not .. the question then becomes, are there enough people that you deal with that will use them for exchanging that value.(product,service) it becomes real to those people if they do.
Now the last thing is security. That is the big thing. us$ has counterfeit and inflationary risks.
bitcoin Has technological risk.
For things like MtGox, I would not have trusted them with my wallet.
No more than I trust any bank to hold large amounts or my $$.(it is relatively secure up to a certain point but there is still risk)
For those that where careful with their dealings with MtGox .. they where not affected.People treated them as a Bank when in fact they where an exchange. Due diligence was needed.http://www.businessinsider.com/c/5310c90b6da811133f6e5f2ahammermanFri, 28 Feb 2014 12:36:11 -0500http://www.businessinsider.com/c/5310c90b6da811133f6e5f2a
Given the amount of shady characters associated bitcoin and the drug trade, not to mention the Chinese investors who threw millions into Mty Gox....I would assume this man and his family will all be found dead or never to be seen again.
Ripping off customers is one thing; ripping off drug cartels is a whole new thinghttp://www.businessinsider.com/c/5310c5bc6da811db2b6e5f33patent lawyerFri, 28 Feb 2014 12:22:04 -0500http://www.businessinsider.com/c/5310c5bc6da811db2b6e5f33
Bitcoin is clearly superior you luddites. So all you need to do is take $20, pay it to some anonymous exchange, and in return you receive a long string of letters and numbers (actually, you have to pay about $21 for that $20 worth of bitcoin because of exchange fees - and you may get nothing depending on the integrity of the anonymous exchange). You print that out on paper and store it in a box. Then when you want to buy something, you find the one in a million businesses that accept bitcoin, you find that piece of paper and take it out of the box and type in the long string of letters and numbers into your computer and send it to that business in exchange for the thing you wanted to buy. Then that business sends the long string of letters and numbers to an anonymous exchange and gets the $20 (actually, about $19 after fees, and it may get nothing depending on the integrity of the anonymous exchange).
So you took $21 and bought something, and the business received $19 (at most - maybe $0). See, that is way easier than just handing a $20 bill to someone for the thing you want to buy. How could this innovation fail?http://www.businessinsider.com/c/5310c1cb6da81128236e5f28DustinFri, 28 Feb 2014 12:05:15 -0500http://www.businessinsider.com/c/5310c1cb6da81128236e5f28
Is that Bobby Moynihan?http://www.businessinsider.com/c/5310bd3e69bedd2574ae2726Epic WinnerFri, 28 Feb 2014 11:45:50 -0500http://www.businessinsider.com/c/5310bd3e69bedd2574ae2726
Ah, the perils of being an early adopter.http://www.businessinsider.com/c/5310ba82eab8ea9a6e5385b0Uh noFri, 28 Feb 2014 11:34:10 -0500http://www.businessinsider.com/c/5310ba82eab8ea9a6e5385b0
Libertarians think the government should exist for three roles:
1) Record keeping;
2) Courts (criminal and civil);
3) Protection from initiation of force or fraud by one person or group against another person or group.
This clearly falls on 2 and 3.
The "progressive" movement, which argues that government should do tens of thousands of other things, such as provide bailouts to banks that fail, take money from working people and give it to large companies who are connected to politicians, and provide free computers/internet access/cell phones/health care/food/housing to able-bodied people who refuse to work seems to forget this, rather conveniently.http://www.businessinsider.com/c/5310b8a16bb3f75b5d5385b4PeaceFri, 28 Feb 2014 11:26:09 -0500http://www.businessinsider.com/c/5310b8a16bb3f75b5d5385b4
Think of Bitcoin as being where the internet was in 1995. A lot of faults but eventually it will become a very big part of our society. Money used to consist of coins made out of gold/silver/copper/brass etc i.e. something 'real' with physical value and then along came the printing press and paper money appeared. Imagine what people thought of paper money when it was first introduced? Paper money was even illegal in California until the 1870's.
Money is far too an important commodity to be handled by governments as they have proved by their constant devaluing of it over the years. I am absolutely 100% certain that crypto currencies are the future, it may not be Bitcoin but if not, it will be something similar.http://www.businessinsider.com/c/5310b893ecad04b7555385b3Anti-LudditeFri, 28 Feb 2014 11:25:55 -0500http://www.businessinsider.com/c/5310b893ecad04b7555385b3
Good to see some people still live by Candlelight. Willful Luddites who contributes nothing. This is an issue with an online exchange, not the technology or Bitcoin itself.
Keep doing whatever you're doing though, you sound thrilled about it.http://www.businessinsider.com/c/5310b733eab8eaa75e5385b2ElixFri, 28 Feb 2014 11:20:03 -0500http://www.businessinsider.com/c/5310b733eab8eaa75e5385b2
It is a bitcoiner's joke, because Mark Karpeles (the CEO of Mt.Gox) has been memefied with Starbucks Frappuccinos.http://www.businessinsider.com/c/5310b709ecad04e14f5385b2papersheepdogFri, 28 Feb 2014 11:19:21 -0500http://www.businessinsider.com/c/5310b709ecad04e14f5385b2
[Speculation] The US Government has control of Gox's cold wallet.
<a href="http://www.reddit.com/r/BitcoinMarkets/comments/1z2xo5/speculation_the_us_government_has_control_of_goxs/" target="_blank" rel="nofollow" >http://www.reddit.com/r/BitcoinMarkets/comments/1z2xo5/speculation_the_us_government_has_control_of_goxs/</a>http://www.businessinsider.com/c/5310b6536da811b96c6e5f2cjp32Fri, 28 Feb 2014 11:16:19 -0500http://www.businessinsider.com/c/5310b6536da811b96c6e5f2c
Short, grossly oversimplified version:
BTC funds exist as public/private encryption keys in a ledger.
The public portion of the ledger is global and stored on thousands of machines.
The private keys are stored locally (and backup copies can be kept).
So, in that way BTC and other cryptocurrencies are much more like physical dollars than your account at BOA. If you lose your private keys, they are gone forever, just like if you lost a dollar bill. Similarly, if someone fraudulently gains access to your wallet and physically steals your dollars or uses your private key to transfer your BTC, your only recourse is to find the thief and convince him to return the funds.
In the MtGox case, there was a known weakness called Transaction Mutability that was overlooked when MtGox built their transfer and wallet code (read more here <a href="https://bitcointalk.org/index.php?topic=460944.0" target="_blank" rel="nofollow" >https://bitcointalk.org/index.php?topic=460944.0</a>). This is said to have allowed unknown parties to transfer funds out of MtGox's storage without their noticing. This is why digital security should never be done in private and without much per review.
It could be that that is the way it happened, or it could be that the MtGox personnel transferred the funds out themselves and are using this as cover.
Either way, the lesson is that storing more than transactional amounts of BTC at an exchange or other institution is a bad idea, since the whole point of the currency is to be distributed. Anyone who made an exchange at MtGox and transferred the funds to their own wallets is completely safe and unaffected by this mess.http://www.businessinsider.com/c/5310b54769bedd8c55ae2726Colonel KilgoreFri, 28 Feb 2014 11:11:51 -0500http://www.businessinsider.com/c/5310b54769bedd8c55ae2726
The story of the first and last Bitcoin ATM.
<a href="http://www.bostonmagazine.com/news/blog/2014/02/20/liberty-teller-bitcoin-atm-boston/" target="_blank" rel="nofollow" >http://www.bostonmagazine.com/news/blog/2014/02/20/liberty-teller-bitcoin-atm-boston/</a>
And then this past Wednesday:
<a href="http://youtu.be/ItA1z8rUOt0" target="_blank" rel="nofollow" >http://youtu.be/ItA1z8rUOt0</a>http://www.businessinsider.com/c/5310b3d969bedd2b51ae2722Average JoeFri, 28 Feb 2014 11:05:45 -0500http://www.businessinsider.com/c/5310b3d969bedd2b51ae2722
The Fed and Treasury and every other "George Soros" are behind this because they weren't getting their piece of the pie.....Move along Peasants, nothing to see here.......http://www.businessinsider.com/c/5310b20d6bb3f7443f5385b5CurtFri, 28 Feb 2014 10:58:05 -0500http://www.businessinsider.com/c/5310b20d6bb3f7443f5385b5
If this guy was as honorable as he wants us to believe he is, with his apology and "deep bow", he wouldn't just apologize and deep bow - he'd commit hari-kari.http://www.businessinsider.com/c/5310b2026da811e9596e5f2cjonathannellisFri, 28 Feb 2014 10:57:54 -0500http://www.businessinsider.com/c/5310b2026da811e9596e5f2c
You mean kind of like all of the US dollars that disappeared out of the banks due to their bad risk management practices? Fortunately they were large enough to take the entire economy with them so they got bailed out. To bad Mt. Gox is too small and doesn't make enough political contributions to warrant such actions.http://www.businessinsider.com/c/5310b1666bb3f728425385b5jonathannellisFri, 28 Feb 2014 10:55:18 -0500http://www.businessinsider.com/c/5310b1666bb3f728425385b5
The coins are not really gone, and you could prove that you had them. What happened is one of two things. Someone either stole the coins or Mt. Gox lost them or lost access to them (think of accidentally deleting the file, forgetting the password, or having a hacker change the password and not telling you the new one).
A bank statement won't do any good unless the coins are recovered. It would be similar to a bank going bust and not having any money to pay depositors, while at the same time having no FDIC insurance. The customer might be able to prove they had a balance but that doesn't mean they will ever get their money back. All the statement would do in that instance is give them something to use in bankruptcy court to prove they are owed money. The court may or may not order the unwinding/claw back of funds that were spent to recover your money. Usually they don't seem to do that. If the bank has no money and no assets that can be sold, the customer won't get their money back.
The same systems that prevent fraud in the bitcoin system also make it impossible to recover "lost" money. If you loose the key to that coin, there is no way to get it back. Well, there is one way and that is if >50% of those controlling the money agree to undo the transaction. The problem is that this would be nearly impossible if the funds were stolen and the thief already gave them to someone else. You would need to unwind all the subsequent transactions which would cause all kinds of problems (imagine if those coins had already been spent a 5 places by 5 different people since the thief had stolen them). It's doable and does happen sometimes in dollar based situations, but it would be a complete mess.http://www.businessinsider.com/c/5310b13beab8ea67455385b9Maria.SFri, 28 Feb 2014 10:54:35 -0500http://www.businessinsider.com/c/5310b13beab8ea67455385b9
On September 15, 2008, Lehman Brothers filed for bankruptcy. With $639 billion in assets and $619 billion in debt.
Nobody blamed the dollar.http://www.businessinsider.com/c/5310b0e16da81188546e5f2aCurtFri, 28 Feb 2014 10:53:05 -0500http://www.businessinsider.com/c/5310b0e16da81188546e5f2a
Does this mean my Monopoly money is worthless too?
Or is my Monopoly money now worth more than BitCoins?http://www.businessinsider.com/c/5310b03deab8eaf3485385b0fredlledFri, 28 Feb 2014 10:50:21 -0500http://www.businessinsider.com/c/5310b03deab8eaf3485385b0
How man, indeed!http://www.businessinsider.com/c/5310af636da811884e6e5f2asame gameFri, 28 Feb 2014 10:46:43 -0500http://www.businessinsider.com/c/5310af636da811884e6e5f2a
well the banks pretty much did this too, except they got bailed out.http://www.businessinsider.com/c/5310aeadeab8ea053b5385b2drumsFri, 28 Feb 2014 10:43:41 -0500http://www.businessinsider.com/c/5310aeadeab8ea053b5385b2
Good. Only a fool would invest in a fantasy based ''currency''.http://www.businessinsider.com/c/5310ae9a69bedd393aae2724BitcoinRatFri, 28 Feb 2014 10:43:22 -0500http://www.businessinsider.com/c/5310ae9a69bedd393aae2724
interestingly, he acquired the domain name - Gox.com - on 24th February
<a href="https://twitter.com/BitcoinRat/status/438441072557953024/photo/1" target="_blank" rel="nofollow" >https://twitter.com/BitcoinRat/status/438441072557953024/photo/1</a>
we might not have heard the last of Karpeles !http://www.businessinsider.com/c/5310acedeab8eae8325385b6SumocatFri, 28 Feb 2014 10:36:13 -0500http://www.businessinsider.com/c/5310acedeab8eae8325385b6
Bitcoin is specifically described as using "peer-to-peer technology to operate with no central authority or banks." That's peer-to-peer, no middleman. Any attempt to act as a Bitcoin middleman should result in failure, and they are. Bitcoin is working as it should.http://www.businessinsider.com/c/5310abb0ecad04ed265385b8Tim MullaneyFri, 28 Feb 2014 10:30:56 -0500http://www.businessinsider.com/c/5310abb0ecad04ed265385b8
If Bitcoin is a "currency," then the joker in this video is either Jamie Dimon or Janet Yellen. Does he remind you much of either one?http://www.businessinsider.com/c/5310ab5eecad04262a5385b4katmandoo122Fri, 28 Feb 2014 10:29:34 -0500http://www.businessinsider.com/c/5310ab5eecad04262a5385b4
It was really hard to see this coming. Who could have expect this?http://www.businessinsider.com/c/5310ab086bb3f7ea2e5385b4Mike Fri, 28 Feb 2014 10:28:08 -0500http://www.businessinsider.com/c/5310ab086bb3f7ea2e5385b4
Hi nunyabiz. No flame. Some people have been scammed by buying bitcoins with real money. By real money, I mean one that is tangible. I can physically hold a U.S. dollar and it can be used anywhere ( at least in the U.S. and many nations). Real money to me is one that is backed by either a tangible precious commodity, or by a national government who's lengthy history deems it secure enough to be widely accepted by world banking organizations with known and trusted safeguards. Have you ever held a bitcoin?http://www.businessinsider.com/c/5310a9a0ecad0402215385b7alan77Fri, 28 Feb 2014 10:22:08 -0500http://www.businessinsider.com/c/5310a9a0ecad0402215385b7
What does he mean gone, gone where ?
They just don't disappear.http://www.businessinsider.com/c/5310a8f66da81109306e5f2cbiffFri, 28 Feb 2014 10:19:18 -0500http://www.businessinsider.com/c/5310a8f66da81109306e5f2c
Gee. Imaginary currency disappears without a trace. How odd...
BITCHCON!!!http://www.businessinsider.com/c/5310a838ecad04ce1e5385b2just a thoughtFri, 28 Feb 2014 10:16:08 -0500http://www.businessinsider.com/c/5310a838ecad04ce1e5385b2
the guy has the "i screwed you and i'm going to party now" face...come on...
he seems relieved that it's all over and he can go play now, with the money.
as i recall, there were lots of shady guys using mtgox...
i pity him for his inexperience and immaturity...http://www.businessinsider.com/c/5310a7f56bb3f726255385b2BHFri, 28 Feb 2014 10:15:01 -0500http://www.businessinsider.com/c/5310a7f56bb3f726255385b2
Somebody please explain this to me.
ALL money is virtual currency already -- BofA doesn't actually hold my cash in a suitcase.
There's a record of my cash somewhere. It's called a bank statement.
So if the computers crash, I still have a record of what I should have.
So if a "dungeons and dragons" bank like this crashes, shouldn't there be a record somewhere of what I had before the crash? I just don't get how the "virtual currency" is gone. I get even less how it's even possible for a virtual currency to be gone if it doesn't physically exist in the first place.http://www.businessinsider.com/c/5310a70569bedd1818ae2722TazzFri, 28 Feb 2014 10:11:01 -0500http://www.businessinsider.com/c/5310a70569bedd1818ae2722
What ..... the fake trading market for the made-up currency is bankrupt? How man that be?http://www.businessinsider.com/c/5310a5d96bb3f7d51c5385b4Citi Cuts Its Q4 Earnings - due to defrauding Fri, 28 Feb 2014 10:06:01 -0500http://www.businessinsider.com/c/5310a5d96bb3f7d51c5385b4
Citi Cuts Its Q4 Earnings Because One Of Its Subsidiaries Was Defrauding Mexico's State Oil Company
Citigroup has revised down its Q4 2013 earnings by $235 million because of fraudulent activity in one of its Mexican subsidiaries, Banco Nacional de Mexico (Banamex). An audit Banamex had been scamming money from Pemex, Mexico's soon-to-be-former state oil company.
Over several years, Banamex was able to overcharge Pemex for services to a third party company, Oceanografia S.A. de C.V. (OSA), that provided equipment for Pamex.
From Citi's release:
"Pemex asserted that a significant portion of the accounts receivables recorded by Banamex in connection with the Pemex accounts receivable financing program were fraudulent and that the valid receivables were substantially less than the $585 million referenced above."
Pemex only owed Banamex about $185 million, according to the audit.
Citi CEO Michael Corbat says the investigation is ongoing, but that he believes that this is an isolated incident. The bank is also collecting misappropriated funds and cooperating with law enforcement in Mexico.
“I can assure you there will be accountability for those who perpetrated this despicable crime and any employee who enabled it, either through lax supervision, circumvention of our controls, or violating our Code of Conduct," said Corbat in a statement. "All will be held equally responsible and we will make sure that the punishment sends a crystal clear message about the consequences of such actions.”http://www.businessinsider.com/c/5310a39a6da8119b1b6e5f28BI doubleFri, 28 Feb 2014 09:56:26 -0500http://www.businessinsider.com/c/5310a39a6da8119b1b6e5f28
Business Insider has put in place measures that posts can not disappear fraudulently.
The security measure still has some glitches - resulting in double-posts.http://www.businessinsider.com/c/5310a35c6da8117c1b6e5f29Troy19Fri, 28 Feb 2014 09:55:24 -0500http://www.businessinsider.com/c/5310a35c6da8117c1b6e5f29
I personally think the US nor the Japanese gov't should get involved in this at all. What part of the gov't getting libertarians money back..is libertarian. These are people that talk about not being under the tyranny of government and taxes but when they get robbed, they run to the government to get their money back.
I say Fuck emhttp://www.businessinsider.com/c/5310a1756bb3f78a095385b3nunyabizFri, 28 Feb 2014 09:47:17 -0500http://www.businessinsider.com/c/5310a1756bb3f78a095385b3
Sorry for the double posts ... I only hit submit once.http://www.businessinsider.com/c/5310a0e0ecad04857d5385b2Dan AfrasiabiFri, 28 Feb 2014 09:44:48 -0500http://www.businessinsider.com/c/5310a0e0ecad04857d5385b2
No need to worry at all. The Fed and Treasury are getting set to announce BARF (Bitcoin Asset Rescue Fund) to bail out Mt. Gox, because these losses represent "systematic risk".http://www.businessinsider.com/c/5310a098ecad04e67d5385b4nunyabizFri, 28 Feb 2014 09:43:36 -0500http://www.businessinsider.com/c/5310a098ecad04e67d5385b4
As a person that has some value in Bitcoin ... I have to agree with you to a degree.
People that left their wallets with an institution rather than protect it themsevles goes against the idea of Bitcoins to begin with.
I do have to disagree from this perspective .. you say unregulated is an issue... but Theft,Fraud (criminal), and negligence(civil) are already part of the Law. Those are the remedies that will and should be used.
But as you inferred people knew there was risk so you certainly can't feel bad for them. As i am one that has taken the risk .. I realize this and wouldn't ask for sympathy. But my value is still safe and fine.http://www.businessinsider.com/c/5310a0986da811430f6e5f2enunyabizFri, 28 Feb 2014 09:43:36 -0500http://www.businessinsider.com/c/5310a0986da811430f6e5f2e
As a person that has some value in Bitcoin ... I have to agree with you to a degree.
People that left their wallets with an institution rather than protect it themsevles goes against the idea of Bitcoins to begin with.
I do have to disagree from this perspective .. you say unregulated is an issue... but Theft,Fraud (criminal), and negligence(civil) are already part of the Law. Those are the remedies that will and should be used.
But as you inferred people knew there was risk so you certainly can't feel bad for them. As i am one that has taken the risk .. I realize this and wouldn't ask for sympathy. But my value is still safe and fine.http://www.businessinsider.com/c/5310a0786da811c4096e5f33On the same day from the regulated Citi BankFri, 28 Feb 2014 09:43:04 -0500http://www.businessinsider.com/c/5310a0786da811c4096e5f33
From Citi's release:
"Pemex asserted that a significant portion of the accounts receivables recorded by Banamex in connection with the Pemex accounts receivable financing program were fraudulent and that the valid receivables were substantially less than the $585 million referenced above.
About the same amount as the lost Bitcoins - except it is outright fraud, committed by one of the largest banks of the world.
Who it the crybaby?http://www.businessinsider.com/c/53109eceeab8ea0b095385b2nunyabizFri, 28 Feb 2014 09:35:58 -0500http://www.businessinsider.com/c/53109eceeab8ea0b095385b2
Ok ... I'll bite .... what is this "REAL" Money you speak of and how does it differ. Ie what is the determining factor in your mind of "real" money? Not asking for a flame but your interpretation.http://www.businessinsider.com/c/53109e606bb3f7ad7e5385bcSweetDougFri, 28 Feb 2014 09:34:08 -0500http://www.businessinsider.com/c/53109e606bb3f7ad7e5385bc
'
'
'
Did he work as an understudy to John Corizine?
•∆•
V-V
•∆•
V-Vhttp://www.businessinsider.com/c/53109db569bedd5e7aae2726nunyabizFri, 28 Feb 2014 09:31:17 -0500http://www.businessinsider.com/c/53109db569bedd5e7aae2726
What I dont get is people that let an Exchange hold their wallets. The whole point of Bitcoin is the strength of having your wallet key's private from any outside institution.
Heck .. my major wallets where I am holding much value, I have the keys only in paper form in safes. I can type in the key manually when I need to transfer them.http://www.businessinsider.com/c/53109d93eab8ea5d7c5385c0grenadetradeFri, 28 Feb 2014 09:30:43 -0500http://www.businessinsider.com/c/53109d93eab8ea5d7c5385c0
It's all fun and games until someone loses half a billion in bitcoins. Let that be a lesson to all you whipper snappers.http://www.businessinsider.com/c/53109cfc69bedd607aae2722PRISONERFri, 28 Feb 2014 09:28:12 -0500http://www.businessinsider.com/c/53109cfc69bedd607aae2722
PICK UP THE SOAP BOY.http://www.businessinsider.com/c/53109b426bb3f7a46d5385bbRBWFri, 28 Feb 2014 09:20:50 -0500http://www.businessinsider.com/c/53109b426bb3f7a46d5385bb
Weakness in the system. Right.
Same thing happened to MF Global, I guess. It wasn't them, it was weakness in the system.http://www.businessinsider.com/c/53109a606bb3f7f7735385b4A Random GermanFri, 28 Feb 2014 09:17:04 -0500http://www.businessinsider.com/c/53109a606bb3f7f7735385b4
Lets see what the kingpin has to say to this... .http://www.businessinsider.com/c/53109a56ecad04aa615385baEvan Benz Fri, 28 Feb 2014 09:16:54 -0500http://www.businessinsider.com/c/53109a56ecad04aa615385ba
Well . . . we know he didn't spend the money on finding a dress shirt with the proper neck size.
CEO ???
He lost the money and he's dressed like Chris Farley.http://www.businessinsider.com/c/5310995069bedd8e6eae2722Mike Fri, 28 Feb 2014 09:12:32 -0500http://www.businessinsider.com/c/5310995069bedd8e6eae2722
It is all an illusion; its is not real. Maybe they will go to imaginary bankruptcy court about their imaginary money.
Look....nothing up this sleeve; nothing up this sleeve either. Now watch carefully......ALL GONE. Game over, everyone back to reality. Unless you actually spent REAL money on imaginary money. Dah!!http://www.businessinsider.com/c/5310991d69bedd926eae2724hengistmcstoneFri, 28 Feb 2014 09:11:41 -0500http://www.businessinsider.com/c/5310991d69bedd926eae2724
Isn't Karpeles supposed to fall on his sword at the end ?http://www.businessinsider.com/c/531098ea6bb3f725705385bbdepressionFri, 28 Feb 2014 09:10:50 -0500http://www.businessinsider.com/c/531098ea6bb3f725705385bb
Reminds me of my friends son ...
This little kid had cookie smeared all over his face and we Walk in ...he says to his son ," where did all the cookies go!"
And the kid looks up at him and goes " I dont know but their all gone!"http://www.businessinsider.com/c/53109738ecad0406625385b4patrick kFri, 28 Feb 2014 09:03:36 -0500http://www.businessinsider.com/c/53109738ecad0406625385b4
Ok everyone, all together now, act surprised!http://www.businessinsider.com/c/531097066da81172656e5f2ctmgotechFri, 28 Feb 2014 09:02:46 -0500http://www.businessinsider.com/c/531097066da81172656e5f2c
I couldn't understand everything he was saying, but did manage to get these nuggets:
1) Godzilla has eaten our code, so we don't know how to fix the system
2) All your base are belong to us
3) Now I must say Sayonara, my helicopter is ready to take me to my yacht for a little downtimehttp://www.businessinsider.com/c/531096cf6bb3f711625385b3Doug in VirginiaFri, 28 Feb 2014 09:01:51 -0500http://www.businessinsider.com/c/531096cf6bb3f711625385b3
"The vault is empty. We're very sorry. Somebody must have taken it while we weren't paying attention."
Uh huh.http://www.businessinsider.com/c/5310964b6da8117f626e5f2cKevinMFri, 28 Feb 2014 08:59:39 -0500http://www.businessinsider.com/c/5310964b6da8117f626e5f2c
Seems like he's hiding from a classic bank run. When the tech problem started and people went to cash out there were more coins than cash. Happened so fast he threw in the towel.http://www.businessinsider.com/c/531096266da81175656e5f28Jason Brand StFri, 28 Feb 2014 08:59:02 -0500http://www.businessinsider.com/c/531096266da81175656e5f28
Unregulated free market, deal with it crybabies. Arent you grateful for what you ve got? Freedom is good man.http://www.businessinsider.com/c/531095f36bb3f712695385b0rickf82Fri, 28 Feb 2014 08:58:11 -0500http://www.businessinsider.com/c/531095f36bb3f712695385b0
Great, now who's going to manage my retirement funds and Magic the Gathering cards?http://www.businessinsider.com/c/531095e86bb3f713695385b0fsFri, 28 Feb 2014 08:58:00 -0500http://www.businessinsider.com/c/531095e86bb3f713695385b0
Huh? Starbucks is pricey for coffee, granted, but it's hardly a sign of conspicuous consumption. Buying a $100MM townhouse, flying to your bailout meeting in a private jet -- those sorts of things are putting it "in the face" of those you've taken advantage of. Starbucks just doesn't rise to the same level.http://www.businessinsider.com/c/531095c46da811c65a6e5f2fsmeltFri, 28 Feb 2014 08:57:24 -0500http://www.businessinsider.com/c/531095c46da811c65a6e5f2f
Mu-Ni-Go? Oh-No!http://www.businessinsider.com/c/531095106da811a45e6e5f28nixoFri, 28 Feb 2014 08:54:24 -0500http://www.businessinsider.com/c/531095106da811a45e6e5f28
Someone's going to lose some fingers!....http://www.businessinsider.com/c/5310948469bedd0554ae272fMPFri, 28 Feb 2014 08:52:04 -0500http://www.businessinsider.com/c/5310948469bedd0554ae272f
All that time he was using it to buy his Starbucks fraps in the face of all those who lost the money. Life is still good for Kerpeles